What are you really scared of? Fighting just to keep afloat or treading water below the surface is a real indication that you’re not where you need to be financially. Your fear will keep you frozen in a state of paralyzed uncertainty, unable to find your way through. In this post, I want us to explore the factors that might be contributing to your money worries and look at how we can solve them.
FOFO – Fear of Finding Out, and My Story
One of the biggest hurdles when it comes to managing your money is Fear of Finding Out. But realistically, it’s time to get honest with yourself and really look at your financial situation, from the big picture, down to the finer detail.
When I was in my 30s, I was in a BIG debt hole with £60K worth of debt, including a £3K tax bill thanks to having the wrong tax code. It got to the point where I got scared of every brown envelope that came through the door. I got paid weekly back then, and while I was in debt, I was just about making ends meet. Until one week, I discovered I wasn’t going to get paid until after the bank holiday weekend.
When I found out, my heart began pounding in my chest, and all I could think was that I couldn’t pay my mortgage and was going to lose my house. I ended up having to draw cash on my credit card (which is VERY bad!) to cover it. On top of this, I still had my tax bill, overdraft and all the other debt I’d accumulated.
Things were spiralling out of control, and it literally got to the point where I had no choice BUT to deal with it. It took me 5 years to pay it off. The fact is, only by facing up to my situation and making a plan was I able to get to where I am now.
Gaining the courage to tackle your money woes is a fantastic achievement, but sometimes we need to look deeper. We might get to a point where we’ve come so far, but there are often deeper-rooted issues which are still holding us back.
Scarcity Mindset – There’s Never Enough, is There?
There’s a common belief that making more money will solve all of our problems. The truth is, until you learn to manage your money effectively and break free from limiting beliefs, making more won’t help.
If you have a scarcity mindset or feel like there’s never enough money, it’s most likely the result of deep-held beliefs from your childhood. Frequent thoughts of “I can’t afford it,” are really self-limiting and will hold you back from achieving the life you desperately dream of. It could stop you from investing in yourself, and your future, or (ironically!) making more money.
Your Negative Beliefs Around Money
Having a scarcity mindset can be a big problem, but there’s also the other side of the coin. For example, you might be overspending in an attempt to feel better about yourself or your situation.
Perhaps you feel uncomfortable with having excess money and when you earn more, you spend more, instead of saving it. Or maybe you spend money in a show of wealth because you want the world to know that you’re worthy. Or maybe you tell yourself that you’re rubbish with money and think there’s no point.
Basically, what you repeatedly tell yourself becomes true. When actually, these are just stories re-told by your lizard brain and your subconscious.
Just Get it Done (Feel the Fear, and Do it Anyway)
Whatever your story, your emotion is controlling your thinking. Excuses are really a refusal to change, and if you want something badly enough, you absolutely can make it happen.
It might seem scary, but actually money is just a tool that can be used to create the life you want to live. Everyone is different though, and one person’s money management method might not work for another. If you want to gain an insight into your unique money personality and how you approach and manage money, you can take this free quiz.
But the first step starts with you. So, take baby steps. Begin by looking at your money situation, warts and all. Monitor what’s coming in and what’s going out and start using cash and tracking your spending. Utilise a supportive group like our private Facebook community.
Alternatively, book your free 15-minute strategy call with me to discuss your next steps and how you can take control of your money, once and for all.